I've warned people repeatedly about the fact that regulators are not our friends – so the onerous proposal came as no surprise. Many Bitcoiners seemed shocked and caught off guard that the proposal could be so unrealistically strict. Some examples include Bitcoin companies being unable to retain profits in Bitcoin, requirements that small startups hire expensive compliance personnel, requirements that inventors and programmers obtain a license before creating new alt coins, rules which would essentially end mining etc. The regulations are at the core a thinly veiled ban of Bitcoin in New York.

These actions didn't surprise me at all.

Mr. Lawsky has proven himself to be a corrupt and dishonest political manipulator who is a clear enemy of progress, innovation and this community.